Melbourne IT (MLB)

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Melbourne IT
dropped 4 per cent during trading on Tuesday after the company posted a full-year decline in revenue and earnings before interest and tax. Net profit also dropped 16 per cent, although much of that was attributed to a $2 million write-down on the company’s digital recording unit, a non-core division it has been unable to sell since acquiring WebCentral in 2006. Analysts said the company’s internal strategies were sound but varying external pressures were continuing to play on each division. Another customer loss, or delay from US body ICANN on its new internet domain release, could cause revenues to slide further this year. All eyes are now on the strategic review Melbourne IT plans to finish in the next three months, which will dictate if any division will get the chop and how the company plans to meet a market more competitive than ever. But chief executive Theo Hnarakis said things were looking up. “We do believe we’ll outperform the 2012 results, we’re just not sure by how much."